Retirement tax questions


@crazyRoth333 wrote:

Apologies for the delay. I finally resurrected 2019 turbotax to deal with the amendment process.
I'm struggling how to input it (which was the issue i got into when i first filed it). If i enter the 6k contribution, it gets me a penalty. If i say it's removed, then it doesn't generate 8606 form. 
any Ideas?

I finally found my 2019 turbotax to deal with the amendment process.

I'm struggling how to input it.

 

> Deduction&Credits

> Traditional&Roth IRA COntribution

> Select the Kind of IRA you own/contribute in 2019
     Checked x Traditional IRA
                       X Roth IRA
> No.  (a repayment to Retirement Distrubution)
> How much is contributed
   2019: 6000
> How much of the amount is Switch or "Recharacterize" (doesn't include conversion or rollovers) to Roth IRA?
   > 0   (is this right?)
> Did you make a Roth IRA contribution in 2019?
   > No
> Do you have any excess Roth Contribution:
   > No
> Contributions withdrawn before due day.
    > Enter any excesxss contribution you withdrew before July 15
   > 0
   > Enter any contributions you withdrew before July 15
  > 6000


I apologize, after rereading your question, I know of no way of doing it the way I suggested.      You had until the due date (or extended due date) to remove the Traditional IRA excess.   You did not do that but converted an invalid contribution to a Roth which was also invalid.   You had the Roth returned to you but that does not account for the tax on the conversion and I know of no way to account for that.

 

Sorry for misleading you.

 

I would suggest consulting a tax professional in your area for help.   Many things can be done with professional  software that do-it-yourself software cannot do.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**